ICICI Bank hikes home loan rates by 0.50%

ICICI hiked its home loan rates by 0.50 per cent with effect from May 8.

Updated on: May 5, 2006, 14:45:00 IST

None | By Anonymous, Mumbai

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ICICI Bank on Friday hiked its home loan rates by 0.50 per cent with effect from May 8.

The increase of half a percentage is for both floating and fixed interest rates for home loans.

For existing floating rate customers, the increase in Floating Reference Rate (FRR) by 0.50 per cent will be effective from July 1, 2006, in line with the Bank's policy of resetting rates on a quarterly basis.

The existing fixed rate home loan customers will, however, not be impacted by this increase and their contracted rates will remain unchanged, the bank said in a statement.

New customers (both floating and fixed) will be charged the increased interest rates effective May 8, 2006. This move will increase the interest rates on floating rate home loans from 8.5 per cent to 9 per cent. The interest rate on fixed rate home loans will also go up from 9.75 per cent to 10.25 per cent, the bank said.

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